TRUE OR FALSE - ACCOUNTING
1. The matching principle requires expenses be recorded in the same period that the related revenue is recorded.
2. Generally accepted accounting principles require cash‐basis accounting.
3. Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned.
4. Consuming goods and services in the process of generating revenues results in expenses.
5. Debiting “Inventory” will increase the account.
Below is annual stock return data on Hollenbeck Corp and Luzzi Edit, Inc.
Year
Hollenbeck
Luzzi Edit
1
7%
-3%
N
20%
0%
2 3
-7%
20%
4
5%
7%
(a)
What is the average return and standard deviation for each stock? (Round answers to 2 decimal places, eg. 52.75.)
The average return of the Hollenbeck stock is 4%.
The average return of the Luzzi Edit stock is 6%
The standard deviation of the Hollenbeck stock is 19.67%.
The standard deviation of the Luzzi Edit stock is 17.72%.
What is the average return of the stocks?The average return can be determined by adding the returns together and dividing it by the number of years.
The average return of the Hollenbeck stock = (7 + 20 - 7 + 5) / 4 = 4%
The average return of the Luzzi stock = (-3 + 20 + 7) = 6%
What is the standard deviation of the stocks?Standard deviation is used to determine how the values in a group differs from the mean of the values in the group. It is a measure of variation.
The standard deviation of the Hollenbeck stock = √(4 - 7)² + (20 - 4)² + (-7 -4)² + (5 - 4)² = 19.67%
The standard deviation of the Luzzi Edit stock = √(-3 -6)² + (20 - 6)² + (7 - 6)² + (0 - 6)² = 17.72%
To learn more about standard deviation, please check: https://brainly.com/question/26201837
Name the blue-shaded parts as a mixed number.
A) 2 2/3
B) 3 2/3
C) 2 2/9
D) 3 2/9
Answer:
[A] 2 2/3
Explanation:
Base on the given data you can see that 2 of the circle are fully shaded meaning
2 whole
There is one that is shade 2/3 {2 out of 3 are shaded}
Hence, put together
2 2/3
Therefore, the answer is [A] 2 2/3
~lenvy~
If a firm sells a prestige product, what kind of relationship between price and quantity demanded should it expect?.
For a firm that sells a prestige product, the relationship between price and quantity demanded is a positive direct relationship.
Why is the relationship between demand and price of prestige products direct?The relationship between the demand and price of prestige products is direct because prestige products tend to sell better at high prices than at low prices.
And when the quantity demanded increases, the price tends to increase.
An example of a prestige product is an old car.
Thus, for a firm that sells a prestige product, the relationship between price and quantity demanded is a positive direct relationship.
Learn more about the demand for prestige products at https://brainly.com/question/6374886
What change will cause a movement along the supply curve?
[tex]\huge\sf\green{Answer \red{✓}}[/tex]
Movement along the supply curve will occur when the price of the good changes and the quantity supplied changes by the original supply relationship.
______________Answer:
When the price of the good changes and the amount supplied varies as a result of the original supply relationship, a movement along the supply curve occurs. To put it another way, a movement happens when a change in quantity supplied is solely due to a price change, and vice versa.
In 2021, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married filing jointly). Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. b. Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time job. He also received $5,000 of qualified dividend income.
Carson's tax liability for 2021 as a 23-year full-time student, who earns from the summer internship and part-time job and receives a qualified dividend is $645.
What is tax liability?Tax liability refers to the amount that a taxpayer is obliged to pay.
The tax liability is a function of the taxpayer's taxable income, tax bracket, deductions, and applicable tax rate.
In this case, we have assumed a flat tax rate of 10% for both Carlson's earned income and the dividend income.
Data and Calculations:Earned income = $14,000
Qualified Dividend income = $5,000
Adjusted taxable income = $6,450 ($19,000 - $12,550)
Tax liability = $645 ($6,450 x 10%)
Thus, Carson's tax liability for 2021 is $645.
Learn more about tax liabilities at https://brainly.com/question/7409145
if we consider Airbnb to be new entrant into the hospitality short stay vacation industry. according to Porter's Five forces, how attractive is this industry? What might be particularly difficult for a new startup
The entrance of Airbnb into the hospitality short stay vacation will be attractive but there are some market threats that need to be effectively managed.
What is the Porter's Five forces?These forces are economic force that determines the competitive intensity and attractiveness of a market.
According to Porter, the Five forces in the every market includes::
threat of new market players,threat of substitute products,power of customers, power of suppliers, industry rivalryIn conclusion, the hospitality firm needs to evalute the forces to understand the industry structure and to determine the best corporate strategy for its operation.
Read more about Porter Five forces
brainly.com/question/14632175
Jordan needs to purchase a car. The car Jordan plans to purchase costs $15,000. Jordan has saved $3,000 to
use as a down payment for the car. Jordan is offered credit terms of 5% APR for 5 years
In one year, how much interest will Jordan pay on this loan?
In one year, the interest that Jordan will pay on a loan to purchase a car that costs $15,000 with a downpayment of $3,000 at 5% APR for 5 years is $600.
How is interest calculated?The interest can be computed using an online finance calculator for the 5 years period.
However, to calculate interest for one year, especially the first year, the loan amount is multiplied by the APR, as below.
Data and Calculations:Cost of car = $15,000
Down payment = $3,000
Car loan = $12,000 ($15,000 - $3,000)
APR = 5%
Loan period = 5 years
Interest for one year (first year) = $600 ($12,000 x 5%)
Thus, the interest for the first year is $600.
Learn more about computing interest on the loan at https://brainly.com/question/24576997
Every day, your boss participates in a conference call from 1:00 PM to 2:00 PM. You know this, and today, instead of returning from lunch at 1:00, you decide to extend your lunch until 1:45. This is an example of
An example of Shirkingis when an employee decide to extend their lunch until 1:45 instead of 1:00 becaujse of his boss participation in a conference call.
What is called Shirking?A shirk essentially means the act of avoiding or getting out of doing something that should be done.
Hence, when an employee decide to extend their lunch until 1:45 instead of 1:00 because of his boss participation in a conference call is an example of Shirking because he need to help his boss.
Read more about Shirking
brainly.com/question/8497382
Cosmogena, a cosmetics start-up, wants to hire five female marketing executives. For these openings, the management prefers candidates who are outgoing, sociable, and upbeat. Which of the big five personality traits is Cosmogena seeking?
Answer:
why did he have to stop his new style
Smokecity, Inc., manufactures barbeque smokers. Based on past experience, smoke city has found that it’s total annual overhead costs can be represented by the following formula: overhead cost = $543,000 + $1.34x, where x equals number of smokers. Last year, smoke city produced 20,000 smokers. Actual overhead costs for the year were as expected. What is the total fixed overhead cost incurred by smokecity last year?
Answer:
569800
Explanation:
what is a informal business structure
Which BCMAP situation requires a direct comment on the USMC Fitness Report?
Select the best re
Self discipline is a BCMAP situation that require a direct comment on the USMC fitness report.
What is Body composition millitary appearance and fitness report?BCMAP is the program employed by millitary base to develop and build bodies of corps for effectiveness in their work and for their healthiness in performing task.
The Fitness Report is a strategy use by which the Marine Corps so as to check and evaluates Marine's performance for their selection, assignment, retention and capabilities.
Therefore, Self discipline is a BCMAP situation that require a direct comment on the USMC fitness report.
Learn more about fitness report below.
https://brainly.com/question/13490156
Is W. L. Gore a mechanistic or an organic organization? Support your answer with examples from the case
W. L. Gore has nearly 10,000 employees and more than $3 billion in annual revenues, but, as noted earlier, uses an extremely organic organizational structure. Employees have no bosses, participate on teams, and often create roles for themselves to fill functional gaps within the company.
Accrued Revenues are a/an
a. Asset
b. Liability
c. Revenue
d. Expense
Accrued Expenses are a/an
a. Asset
b. Liability
c. Revenue
d. Expense
Step 4: Use the line chart to determine the approximate price of the stock at the beginning of 2003. How much money would you have earned if you bought one share of stock at the beginning of 2003 and sold it at today's current price?
The amount of money earned with the purchase of one share of stock at the beginning of 2003 and selling it at today's current price is $22.81 ($61.81 - $39).
What is the price of stock?The price of a share of stock is the cost that is paid to buy it or the revenue received when it is sold.
The price of a stock reflects the value that investors place on the issuing company.
Thus, the amount of money earned with the purchase of one share of stock at the beginning of 2003 and selling it at today's current price is $22.81.
Learn more about determining the price of a stock at https://brainly.com/question/8084221
What is the fifth step in the risk management process?.
Answer:
Risk Management Process. ...
Here Are The Five Essential Steps of A Risk Management Process. ...
Step 1: Identify the Risk. ...
Step 2: Analyze the Risk. ...
Step 3: Evaluate the Risk or Risk Assessment. ...
Explanation:
cuz it is
A strength of Enterprise's Generation X managers is likely to be their _____
Answer:
A strength of Generation X managers is likely to be their ability to provide feedback to employees
Explanation:
mark me brainliest!!
Which of the following are considered "free money" when it comes to
financing higher education?
Loans
Work-study programs
Military programs
Scholarships and grants
The option that can be considered free money when it comes to financing higher education is: Scholarships and grants.
What are grants?Grant is a monetary fund given by a public entity or a charitable foundation or a specialized grant making institution to an individual for a specific purpose.
Grants and scholarship does not need to be paid back by individuals. Therefore it can be considered free money when it comes to financing higher education.
Learn more about Grants here:
https://brainly.com/question/1559476
List two basic questions belonging to the field of ethics.
Answer: Here are three basic questions of ethics:
Does your decision conflict with any of the core ethical values?
How will your decision affect others?
Are there regulations, rules, or policies that restrict your choices/actions?
Explanation:
I hope this helps!
An investment firm provides its customers mobile applications that significantly simplify traditional investing activities. For example, a customer can purchase a stock by utilizing their phone or tablet. This unique service demonstrates the firm’s desire to practice which of Porter’s strategies?
The Differentiation strategy is used by the investment firm in standing out in the industry.
What is Michael Porter strategy?A strategy is defined by Porter as a competitive position that is deliberately chosen as a different set of activities to deliver a unique mix of value.
The Generic Strategies model of Michael Porter includes:
Cost LeadershipDifferentiationFocus.These strategy are important because they provide an options for organizations to gain competitive advantage.
In conclusion, the Differentiation strategy is used by the investment firm in standing out in the industry.
Read more about Porter strategy
brainly.com/question/24843525
Please review the screenshots
1 - 3) The computation of the cost of goods sold, ending inventory, sales revenue, and gross profits under each inventory costing method for Rosenberg Incorporated is as follows:
FIFO LIFO Weighted Average
Cost of goods sold $2,111 $2,004 $2,053
($2,699 - $588) ($2,699 - $695) (89 x $23.0684)
Ending inventory $588 $695 $646
($21 x 28) ($575 + $24 x 5) (28 x $23.0684)
Sales Revenue $2,937 ($33 x 89) $2,937 $2,937
Gross profits $826 $933 $884
4) The determination of the method that results in higher profitability when inventory costs are declining is as follows:
When inventory costs are declining, the LIFO method results in higher profitability with a gross profit of $933, which is higher than the weighted average method's $884 and the FIFO method's $826.
The higher profitability results from the lower cost of goods sold with declining inventory costs used to assign costs to the cost of goods sold.
Data and Calculations:Date Transactions Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 23 $25 $575
Mar. 4 Purchase 28 $24 672
Jun. 9 Purchase 33 $23 759
Nov. 11 Purchase 33 $21 693
Total 117 $2,699
Sales -89
Ending inventory 28 (117 - 89)
Average cost per unit = $23.0684 ($2,699/117)
Cost of goods available for sale = $2,699
Cost of goods sold = Cost of goods available for sale - Ending Inventory
Learn more about inventory costing methods at https://brainly.com/question/6640325
re
Project: Prepare Scenarios Using Gidgits Galore
Assignment Directions:
Part A: Prepare your own scenarios, using Gidgits Galore as your backdrop.
1. Provide an example of a "wrongful discharge" at Gidgits Galore.
2. Provide an example of a "retaliatory discharge" at Gidgits Galore.
3. Provide an example of "disparate treatment" at Gidgits Galore.
4. Provide an example of "disparate impact" at Gidgits Galore.
5. Provide an example of a "bona fide occupational quality" at Gidgits Galore.
Length: Each scenario must be at least one-half to one page in length
The answers to the questions about work in Gidgits Galore is given below:
An example of a "wrongful discharge" at Gidgits Galore is said to be when an office supervisor tells an employee to carryout a task that is said to be against safety laws such as do a sudden urgent work that needs urgent approval and it is one that cannot wait and the employee will not be wearing safety gadget, the employee have the right to refuse and He or she cannot be fired for his or her refusal.
An example of a "retaliatory discharge" at Gidgits Galore occurs when an employee reports the director of the company for encouraging bribery in the workplace and when the employer is said to finds out about the bribery sandal and then confronts the director who then fires them for it, this can serves as an an example of retaliatory discharge.
What is an example of "disparate treatment" at Gidgits Galore?Note that the term disparate treatment connote a deliberate employment discrimination.
An example of this is making sure that only employees with master's degree in a the firm can on some good and special cases (cases or jobs that will bring big allowance if the job is done well) excluding those who came in with bachelor's degree.
An example of "disparate impact" at Gidgits Galore is telling all employees to be involved in a particular task and using results from that task given to unintentionally remove some particular minority employees disproportionately.
An example of a "bona fide occupational quality" at Gidgits Galore is When directors, supervisors and other company's employees must join a union in the company, be a member of that union (Example is National association of management, accountancy etc.) so as to be able to fulfill their job duties or requirements.
Learn more about wrongful discharge from
https://brainly.com/question/4303507
Question 9 of 10
Why are facts called the "building blocks of legal decisions"?
O A. Because so much time is used to determine whether the facts
presented are accurate or not
B. Because facts form the foundation that judges use to reach their
conclusions
O C. Because facts are written in a way that makes them easy to
identify
D. Because facts tell judges and juries what most people believe is
true
Answer:
B. Because facts form the foundation that judges use to reach their conclusions
Explanation:
I hope this helps, I just got it right.
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 8,800 Accounts receivable $ 25,200 Inventory $ 47,400 Building and equipment, net $ 114,000 Accounts payable $ 28,425 Common stock $ 150,000 Retained earnings $ 16,975 The gross margin is 25% of sales. Actual and budgeted sales data: March (actual) $ 63,000 April $ 79,000 May $ 84,000 June $ 109,000 July $ 60,000 Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. Monthly expenses are as follows: commissions, 12% of sales; rent, $3,600 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $855 per month (includes depreciation on new assets). Equipment costing $2,800 will be purchased for cash in April. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. 3. Complete the cash budget. 4. Prepare an absorption costing i
1. The computation of the schedule of expected cash collections for Shilow Company is as follows:
Schedule of Expected Cash CollectionsApril May June Total
Sales $79,000 $84,000 $60,000 $223,000
Cash Sales $47,400 $50,400 $65,400 $163,200
40% credit sales 25,200 31,600 33,600 90,400
Total cash collections $72,600 $82,000 $99,000 $253,600
2. The completion of the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases for Shilow Company are as follows:
Merchandise Purchases BudgetApril May June Total
Sales $79,000 $84,000 $109,000 $223,000
Cost of goods sold (75%) 59,250 63,000 81,750 204,000
Ending inventory 50,400 65,400 36,000 36,000
Goods available for sale $109,650 $125,400 $117,750
Beginning inventory 47,400 50,400 65,400 47,400
Purchases $62,250 $75,000 $52,350 $189,600
Schedule of Expected Cash Disbursements for Merchandise Purchases:April May June Total
Purchases $62,250 $75,000 $52,350 $189,600
50% month of purchase $31,125 $37,500 $26,175 $94,800
50% ffg month 28,425 31,125 37,500 97,050
Total cash payments $59,550 $68,625 $63,675 $191,850
3. The completion of the cash budget for Shilow Company is as follows:
April May June
Beginning cash balance $8,800 $4,030 $4,285
Total cash receipts 72,600 82,000 99,000
Loan 8,000 2,000
Total cash available $80,600 $88,030 $103,285
Total cash payments:
Purchases disbursements $59,550 $68,625 $63,675
Sales commission 9,480 10,080 13,080
Other expenses 4,740 5,040 6,540
Equipment 2,800
Total cash payments $76,570 $83,745 $83,295
Loan repayment with interest 10,180
Cash balance $4,030 $4,285 $9,810
Minimum cash balance $4,000 $4,000 $4,000
4. The preparation of the absorption costing income statement for Shilow Company is as follows:
Absorption Costing Income StatementApril May June
Sales $79,000 $84,000 $109,000
Cost of goods sold (75%) 59,250 63,000 81,750
Gross margin $19,750 $21,000 $27,250
Expenses:
Sales commission $9,480 $10,080 $13,080
Other expenses 4,740 5,040 6,540
Interest on loan 180
Depreciation 855 855 855
Total expenses $15,075 $15,975 $20,655
Net Income $4,675 $5,025 $6,595
Data and Calculations:Current assets as of March 31:
Cash $ 8,800
Accounts receivable $ 25,200
Inventory $ 47,400
Building and equipment, net $ 114,000
Accounts payable $ 28,425
Common stock $ 150,000
Retained earnings $ 16,975
Sales data Actual Budgeted Cash Credit
March (actual) $ 63,000 $37,800 $25,200
April $ 79,000 $47,400 $31,600
May $ 84,000 50,400 33,600
June $ 109,000 65,400 43,600
July $ 60,000 36,000 24,000
Sales:
60% cash
40% credit
Credit sales are collected in the month following the sale.
Interest on Loan = $180 ($8,000 x 1% + $10,000 x 1%)
Learn more about preparing budgeted financial statements at brainly.com/question/24498019
A certificate that authorizes an employer to withhold federal income taxes from each employee is called a Form
a. W-2.
b. 1040.
c. W-4.
d. 1040EZ.
A new accountant mistakenly classified some capital expenditures as revenue expenditures. What is the outcome of this error
Answer:
the company will understate assets and understate net income
Explanation:
Question Number 4) A tool The Weather Channel uses to tell them what are the key elements of the role and what is the compensation for the role is a(n) ________.
Answer:
I believe is the correct answer
Explanation:
weather indicator(s)
An engineering graduate starts a new job at $68,000 per year. Her
investments are deposited at the end of the year into a mutual fund
that earns a nominal interest rate of 5% per year with quarterly
compounding. How much money will be in the account immediately
after she makes the last deposit?
(a) She makes $4000 annual deposits for the next 40 years.
(b) She makes the $4000 deposits for 10 years, then stops all
investments for the next 10 years, and then resumes deposits of $6000
per year for the next 20 years.
Answer:
Explanation:
Effective Annual Rate=(1+r)^n-1 Here=r=5/4=1.25% per quarter EAR=(1.0125^4)-1 5.09% (a)..
The variance analysis cycle ______. Multiple choice question. begins with the preparation of the budget includes the investigation of all variances begins with the preparation of performance reports is used to assign blame for poor performance
The variance analysis cycle C. begins with the preparation of performance reports.
What is a performance report?A performance report is at the heart of the variance analysis cycle.
The performance report details the following:
Calculates the difference between actual and budgeted expenditure and revenue.Analyzes the differences into various variances, determining if they are favorable or unfavorable or have no effects.Investigates the reasons for the differences.Puts the information together and reports to management.Thus, the variance analysis cycle C. begins with the preparation of performance reports.
Learn more about performance reports and variances at https://brainly.com/question/13287252